Revenue recognition – asc topic 606, learn ifrs and IFRS 15.
What you will learn
Learn how to apply the five-step framework for revenue recognition under IFRS 15 and ASC 606.
Develop the ability to analyze contracts and determine distinct performance obligations in real-world scenarios.
Gain practical skills in allocating transaction prices to performance obligations using various methods and techniques.
Recognize Revenue Correctly β Learn how and when to recognize revenue in compliance with IFRS 15 and ASC 606
Recognize Revenue using the appropriate methods, including the Percentage of Completion (POC) method.
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- Master the core principles and overarching objectives of both IFRS 15 “Revenue from Contracts with Customers” and ASC 606 “Revenue from Contracts with Customers”, understanding their convergence and key differences.
- Demystify the complexities of identifying and evaluating contracts that fall within the scope of these critical revenue recognition standards.
- Gain proficiency in deciphering the nuances of variable consideration, including estimating amounts, recognizing reversals, and managing uncertainties inherent in sales contracts.
- Understand the critical distinction between principal and agent considerations in revenue arrangements, ensuring accurate reporting of gross versus net revenues.
- Explore the impact of contract modifications on revenue recognition, including how to account for changes in scope, price, and timing.
- Analyze the treatment of contract costs, differentiating between costs to obtain a contract and costs to fulfill a contract, and their proper capitalization and amortization.
- Develop a comprehensive understanding of the disclosure requirements mandated by IFRS 15 and ASC 606, enabling the preparation of transparent and compliant financial statements.
- Apply practical techniques for identifying and accounting for licenses of intellectual property, including perpetual and term-based arrangements.
- Learn how to address revenue recognition for bundled products and services, ensuring appropriate allocation of the transaction price to distinct performance obligations.
- Understand the implications of consignment and bill-and-hold arrangements on the timing and amount of revenue recognized.
- Grasp the principles of contract combinations and the circumstances under which multiple contracts should be accounted for as a single transaction.
- Develop strategies for managing the transition to IFRS 15 and ASC 606, including understanding retrospective and modified retrospective application methods.
- Enhance your ability to interpret complex contractual terms and their impact on revenue recognition, mitigating risk and ensuring compliance.
- PROS:
- Provides a clear pathway to understanding and implementing two of the most significant accounting standards affecting businesses globally.
- Equips participants with the practical tools to confidently navigate complex revenue scenarios.
- **CONS:**
- May require a foundational understanding of accounting principles for maximum benefit.
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